We have assigned our preliminary 'AAA (sf)' rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCE series 2019-1's class A2019-1 notes. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque originated in France. MADRID (S&P Global Ratings) Oct. 1, 2019--S&P Global Ratings today assigned its preliminary 'AAA (sf)' credit rating to MASTER CREDIT CARDS PASS COMPARTMENT FRANCESeries 2019-1's class A2019-1 notes. At closing, the issuer will also issue unrated class B2019-1 and S notes (see list). The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2019-1 will be the sixth issuance from the FCT, since the issuance of series 2013-1 in November 2013. The securitized portfolio will
